So the commercial banks, they called this " financial intermediation."

所以商业银行们，被称为“金融媒介”。

So there's no longer this intermediation within this institution.

所以这个机构内不再有这种中介。

So the commercial banks, they called this " financial intermediation." That went into the NIPA accounts.

所以商业银行，他们称之为“金融中介”。这入了 NIPA 账户。

But of course, it would raise the cost of intermediation and lower the return on equity.

但当然，这会增加中介成本并降低股本回报率。

And the intermediation process in both cases would no longer have liabilities, which have to be completely safe, completely liquid.

在这两种情况下， 中介过程将不再有负债，负债必须是完全安全的， 完全流动的。

In case I haven't explained this properly, that red line is showing how much quicker financial intermediation as a whole was growing compared to the rest of the economy, the blue line, industry.

为了避免我没把这解释清楚，那条红线展示了金融媒介作为整体相比其他行业经济的蓝线的增速要快不少。

So one hand you have a massive market that needs more trading, more intermediation and a smaller group of banks that kind of had their wings clipped at the same time.

因此，一方面，你拥有一个巨大的市场，需要更多的交易、更多的中介， 同时还有一小部分银行的翅膀被剪掉了。